Firm-level Determinants and Impacts of Finance-seeking Behaviour and Outcomes for Small and Medium-sized Enterprises (SMEs) in Australia
This paper uses firm-level data from the Business Longitudinal Database compiled by the Australian Bureau of Statistics to examine finance-seeking behaviour and outcomes by Australian small and medium-sized enterprises (SMEs). By modelling the determinants of SME financing behaviour and outcomes using discrete choice techniques and more than two thousand firm cases, we throw useful light on the firm-level factors involved in both debt and equity financing decisions, the availability or lack of availability of finance, and the impact of these outcomes on future firm behaviour. Our findings indicate that a large number of SMEs characteristics, including firm age, size, industry and sales and the declared strategies for operations, profits, growth and exports, significantly affect both financeseeking behaviour and outcomes. Putting aside any supply-side circumstances, we conclude that Australian SMEs suffer from severe financial constraints and this significantly affects their strategizing and decision-making across a number of areas.
small and medium-sized enterprises financing decisions debt and equity discouraged borrowers
Dong Xiang Andrew C. Worthington Helen Higgs
Griffith University, Australia
国际会议
杭州
英文
112-141
2011-10-15（万方平台首次上网日期，不代表论文的发表时间）